WES - Western Midstream Partners, LP

NYSE - NYSE Delayed Price. Currency in USD
18.95
-0.45 (-2.32%)
At close: 4:02PM EST
Stock chart is not supported by your current browser
Previous Close19.40
Open19.37
Bid0.00 x 1000
Ask26.89 x 800
Day's Range18.64 - 19.42
52 Week Range17.46 - 35.75
Volume1074221
Avg. Volume1,643,075
Market Cap8.6B
Beta (5Y Monthly)1.32
PE Ratio (TTM)12.26
EPS (TTM)1.55
Earnings DateFeb 12, 2020 - Feb 17, 2020
Forward Dividend & Yield2.48 (12.78%)
Ex-Dividend Date2019-10-31
1y Target Est26.33
  • Hedge Funds Have Never Been This Bullish On Western Midstream Partners, LP (WES)
    Insider Monkey

    Hedge Funds Have Never Been This Bullish On Western Midstream Partners, LP (WES)

    It seems that the masses and most of the financial media hate hedge funds and what they do, but why is this hatred of hedge funds so prominent? At the end of the day, these asset management firms do not gamble the hard-earned money of the people who are on the edge of poverty. Truth […]

  • 6 Underperforming Stocks in Gurus' Portfolios
    GuruFocus.com

    6 Underperforming Stocks in Gurus' Portfolios

    Under Armour makes the list Continue reading...

  • Hedge Funds Love FMC Corporation (FMC) Way More Than These 3 Stocks
    Insider Monkey

    Hedge Funds Love FMC Corporation (FMC) Way More Than These 3 Stocks

    "Since 2006, value stocks (IVE vs IVW) have underperformed 11 of the 13 calendar years and when they beat growth, it wasn't by much. Cumulatively, through this week, it has been a 122% differential (up 52% for value vs up 174% for growth). This appears to be the longest and most severe drought for value […]

  • 52-Week Company Lows
    GuruFocus.com

    52-Week Company Lows

    Simon Property Group, Exelon, Ventas, CenterPoint Energy, Western Midstream Partners and Under Armour present buying opportunities Continue reading...

  • The Top 5 Buys of T Boone Pickens' BP Capital
    GuruFocus.com

    The Top 5 Buys of T Boone Pickens' BP Capital

    Firm of the late oil tycoon releases 3rd-quarter portfolio Continue reading...

  • Oxy Swaps Moxie for Austerity in 2020
    Bloomberg

    Oxy Swaps Moxie for Austerity in 2020

    (Bloomberg Opinion) -- Occidental Petroleum Corp.’s swing from aggressive offense to deep defense has taken about six months. In May, it elbowed aside much bigger Chevron Corp. to capture Anadarko Petroleum Corp. On Tuesday, it laid out plans to cope with the aftermath.The messiness of Oxy’s third-quarter results, the first to include Anadarko, was their saving grace. Earnings missed consensus estimates by a mile, but the panoply of moving parts, including merger expenses, makes the number almost meaningless. Far more important is Oxy’s plan for 2020, which can be summed up in one word: austerity.The company took the unusual step of providing details about spending plans for next year, something it normally saves for the fourth-quarter call. There is a simple reason for this: The stock yielded north of 7% for much of the period since the Anadarko deal closed in early August. There is a fine line between a yield that looks unusually attractive and one that just looks unsustainable, and Oxy has been walking it.So while the mantra of favoring free cash flow over growth can be heard pretty much everywhere in the oil business these days, Oxy is shouting it a little louder. Analysts were forecasting capital expenditure of $7.5 billion in 2020, according to figures compiled by Bloomberg. Oxy’s target is at least $2 billion lower than that, a figure that happens to cover three quarters of the annualized dividend payment.Lower capex comes with a catch: guidance for production growth in 2020 is now set at 2% compared with the 5% target mentioned during the Anadarko pursuit. That said, the budget still implies a productivity gain of roughly 16% compared with the consensus forecast, assuming the latter includes capex for Western Midstream Partners LP; Oxy’s budget does not. Such synergies are, of course, the basis of Oxy’s argument for buying Anadarko in the first place, and much of Tuesday’s call was taken up with emphasizing early realizations of those and further benefits to come. As has been the case with many other E&P acquirers in the past year or so, however, Oxy isn’t getting the benefit of the doubt. As of lunchtime Tuesday in New York, the stock was down almost 6%, making it the worst performer of any size in the sector apart from Chesapeake Energy Corp. —  which trumped everyone with a going-concern warning.The fact remains that Oxy stretched itself enormously to win Anadarko just as the outlook for oil soured. In doing so, it also took on high-priced financing from Warren Buffett that looks set to swallow 40% of the current value of the deal’s cost savings (see the math here). Payments on Buffett’s preferred stock took almost half of Oxy’s adjusted net income in the third quarter. Having begun the year trumpeting reasonable growth balanced with high payouts, Oxy now offers low growth to protect payouts.In short, having hurt its credibility with investors, Oxy still has a lot to prove in winning it back. And as next year’s guidance shows, that finely balanced dividend yield will have to do much of the work in the meantime.To contact the author of this story: Liam Denning at ldenning1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • PR Newswire

    Western Midstream Announces Third-Quarter 2019 Results

    ANNOUNCES PRELIMINARY 2020 OUTLOOK HOUSTON , Nov. 4, 2019 /PRNewswire/ -- Today, Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced third-quarter 2019 ...

  • Hedge Funds Have Never Been More Bullish On Western Midstream Partners (WES)
    Insider Monkey

    Hedge Funds Have Never Been More Bullish On Western Midstream Partners (WES)

    Our extensive research has shown that imitating the smart money can generate significant returns for retail investors, which is why we track nearly 750 active prominent money managers and analyze their quarterly 13F filings. The stocks that are heavily bought by hedge funds historically outperformed the market, though there is no shortage of high profile […]

  • PR Newswire

    Western Midstream Announces New Officers

    ANNOUNCES THIRD-QUARTER 2019 DISTRIBUTION AND EARNINGS CONFERENCE CALL HOUSTON , Oct. 17, 2019 /PRNewswire/ -- Today, Western Midstream Partners, LP (NYSE:WES) ("WES" or the "Partnership") ...

  • Oil & Gas Refining & Marketing MLP Industry: A Steady Growth Story
    Zacks

    Oil & Gas Refining & Marketing MLP Industry: A Steady Growth Story

    Oil & Gas Refining & Marketing MLP Industry: A Steady Growth Story

  • Elliott's Marathon Fight Spells Trouble for MLPs
    Bloomberg

    Elliott's Marathon Fight Spells Trouble for MLPs

    (Bloomberg Opinion) -- As the fight for Marathon Petroleum Corp.’s future intensifies, collateral damage looms for an already battle-scarred asset class: master limited partnerships.Elliott Management Corp.’s call for splitting Marathon in three has garnered support from a couple of other shareholders now pushing CEO Gary Heminger to step down. Marathon’s board says it stands behind Heminger, but the persistent discount in the stock versus its sum-of-the-parts value should keep the issue of a corporate overhaul alive. While the future of retail arm Speedway looks like the most contentious area, Elliott’s suggestion of converting Marathon’s MLP, called MPLX LP, into a regular C-Corp and spinning it off looks less controversial.Such conversions have become commonplace. Problems with governance, debt, tax reform and general energy exposure have crushed MLP valuations, eroding their main reason for existing, namely as a cheap source of capital. MPLX now sports a distribution yield of about 9.5%. Converting to a C-Corp, as many others have done, would open up a wider pool of investors.That could be great for MPLX; less so for MLPs.I wrote here back in May about the shrinking MLP pool. Since then, a few partnerships have disappeared, including Andeavor Logistics LP, which was bought by MPLX. Meanwhile, Tallgrass Energy LP has received a buyout offer (of sorts), and Kinder Morgan Canada Ltd. should disappear by the end of the year. Plus, with Occidental Petroleum Corp. trying to pay off the debt from its acquisition of Anadarko Petroleum Corp., Western Midstream Partners LP also could be exiting the scene.Here are updated charts breaking down 83 North American energy infrastructure companies (not including utilities) into their respective groups, weighted by market cap and free float. The dominance of the C-Corps is pretty clear: An MPLX conversion would have a big impact. With a market cap of roughly $30 billion(1), MPLX represents about 11% of North American energy partnerships’ aggregate value. It’s also the largest member of the Alerian MLP Index. Assume MPLX converts and is spun off, plus Buckeye Partners LP(2), Tallgrass, Kinder Morgan Canada and Western Midstream all disappear. Under that scenario, C-Corps would jump from about 62% of the aggregate free float of energy infrastructure firms to more than two-thirds. Meanwhile, outside of C-Corps and the big four, we would be left with a long tail of 61 companies with a combined free float of just $48 billion, averaging less than $800 million each.And the dwindling ranks of the Alerian MLP index would thin further; MPLX, Tallgrass and Western Midstream account for a fifth of its weighting. The relative weighting of smaller partnerships with lower-quality midstream assets would increase. For example, all else equal, Genesis Energy LP, which houses everything from soda-ash production to pipelines to shipping, could enter the top 10 of the index’s holdings.A vicious cycle is at work here. As generalist investors have withdrawn, so MLP valuations have remained subdued despite some recovery in energy prices and continued growth in U.S. physical energy flows. This, along with governance concerns, persuades more partnerships to either sell out or give up on the structure, reducing the pool of available investments, which in turn leads to investment mandates and specialist funds migrating away.Earlier this month, large pension funds in Iowa and Oklahoma effectively eliminated asset allocations to MLPs, with Teachers’ Retirement System of Oklahoma noting a number of drawbacks, including an “extremely small universe of securities relative to other asset classes.” In his latest weekly roundup of the sector, Hinds Howard at CBRE Clarion Securities noted that after a year of trying to deal with weak performance and growing concentration, institutions are “throwing in the towel,” with allocations “being diverted to listed infrastructure strategies, private equity or just plain old global equities.” He adds:MLPs have lost the special designation as a separate allocation within real assets that the sector has enjoyed over the years. That fund flow headwind is the biggest impediment to midstream performance [for] the rest of 2019, especially if oil prices are going to remain a headwind.Of course, even if MLPs are shrinking in importance, the hard assets they own remain and can be invested in under other structures. BP Capital Fund Advisors LLC is touting the catchily named UBS E-TRACS NYSE Pickens Core Midstream Index ETN, which includes allocations to C-Corps, with a recent report subtitled: “Is your midstream exchange traded product still relevant?” Some funds have taken an holistic approach to energy infrastructure for years, notably the First Trust North American Energy Infrastructure Fund, which mixes partnerships with C-Corps and even utilities, and the Voya CBRE Global Infrastructure Fund, which extends beyond energy-related infrastructure.Looking at the relative performance, it isn’t hard to see why. And as more MLP constituents either change identity or leave altogether, more institutional money will follow.\- With graphics by Elaine He (1) All data are as at the market close on September 26, 2019.(2) IFM Investors agreed to buy Buckeye for $11.1 billion (including assumed debt) in May 2019, with completion expected by the end of the year.To contact the author of this story: Liam Denning at ldenning1@bloomberg.netTo contact the editor responsible for this story: Mark Gongloff at mgongloff1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • NextEra Energy Partners to Buy Meade Pipeline for $1.37B
    Zacks

    NextEra Energy Partners to Buy Meade Pipeline for $1.37B

    NextEra Energy Partners' (NEP) decision to acquire Meade Pipeline will enable it to enjoy the benefits from rising demand for the transportation of natural gas in the Central Penn Line.

  • Magellan (MMP) to Expand Saddlehorn Capacity to 290,000BPD
    Zacks

    Magellan (MMP) to Expand Saddlehorn Capacity to 290,000BPD

    Owing to volume growth demanded by the shippers during a July open season, Magellan Midstream Partners (MMP) decides to expand the size of its Saddlehorn pipeline by 100,000 bpd.

  • Plains All American to Expand Saddlehorn Pipeline's Capacity
    Zacks

    Plains All American to Expand Saddlehorn Pipeline's Capacity

    Plains All American Pipeline (PAA) is likely to benefit from capacity expansion of the Saddlehorn Pipeline.

  • PR Newswire

    Saddlehorn Pipeline to Further Expand Following Increased Volume Commitments

    TULSA, Okla. , Aug. 29, 2019 /PRNewswire/ -- Saddlehorn Pipeline Company, LLC ("Saddlehorn") announced today a further expansion of the Saddlehorn pipeline. Following a successful open season ...

  • PR Newswire

    Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Energy Supply Chain Index

    DALLAS , Aug. 23, 2019 /PRNewswire/ -- Cushing ® Asset Management, LP, and Swank Capital, LLC, announce today the upcoming rebalancing of The Cushing ® Energy Supply Chain Index (the "Index") ...

  • PR Newswire

    Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Energy Supply Chain Index

    DALLAS , Aug. 23, 2019 /PRNewswire/ -- Cushing ® Asset Management, LP, and Swank Capital, LLC, announce today the upcoming rebalancing of The Cushing ® Energy Supply Chain Index (the "Index") ...

  • PR Newswire

    Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Utility Index

    DALLAS , Aug. 23, 2019 /PRNewswire/ -- Cushing ® Asset Management, LP, and Swank Capital, LLC, announce today the upcoming rebalancing of The Cushing ® Utility Index (the "Index") as part of ...

  • PR Newswire

    Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Transportation Index

    DALLAS , Aug. 23, 2019 /PRNewswire/ -- Cushing ® Asset Management, LP, and Swank Capital, LLC, announce today the upcoming rebalancing of The Cushing ® Transportation Index (the "Index") as part ...

  • PR Newswire

    Cushing® Asset Management and Swank Capital Announce Rebalancing of The Cushing® Energy Index

    DALLAS , Aug. 23, 2019 /PRNewswire/ -- Cushing ® Asset Management, LP, and Swank Capital, LLC, announce today the upcoming rebalancing of The Cushing ® Energy Index (the "Index") as part of normal ...

  • PR Newswire

    Alerian Reports June 30, 2019 Index Linked Product Positions

    DALLAS , Aug. 9, 2019 /PRNewswire/ -- Alerian reported, as of June 28, 2019 , total products directly tied to and tracking the Alerian indices was $13.7 billion . Exchange traded funds, exchange traded ...

  • PR Newswire

    Western Midstream Names New Chief Executive And Chief Operating Officers

    ANNOUNCES NEW BOARD OF DIRECTOR APPOINTMENTS HOUSTON , Aug. 8, 2019 /PRNewswire/ -- Today, Western Midstream Partners, LP (NYSE:WES) ("WES") announced senior management changes. Effective today, ...